Oldham Council is set to agree proposals that could see the redevelopment of the Hartford Mill.
The site has become a magnet for vandalism and anti-social behaviour.
In 2004 the council secured an option to acquire the former cotton mill site.
However, once the government stopped Housing Market Renewal (HMR) funding the council could no longer buy the property from the current owner. Since then, the owner has looked at a number of conversion options.
However, in the absence of any substantial grant funding and demand for apartments or commercial uses on the site, the abandoned five-storey red brick structure has continued to blight the area.
The local authority has now been asked by the mill owner to grant an option to transfer ownership of council land adjoining the mill site to him. This larger parcel of land would be more attractive to developers paving the way for redevelopment.
The transfer of council land is dependent on the mill site owner gaining planning permission for future development of the entire plot of land.
Councillor Jim McMahon, Leader of Oldham Council, said: “As a council we are committed to making the borough a place people want to live, work and do business in.
“Unfortunately Hartford Mill is a symbol of decline and it has blighted the area, and more importantly, the lives of residents for more than 20 years.
“Without any action the mill will continue to be an eyesore for years to come. Renovating the mill would cost a fortune and no-one is going to spend that kind of money on a property that wouldn’t have a practical use.
